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Overview of Entrepreneurship Flashcards | StudBud
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Overview of Entrepreneurship
Overview of Entrepreneurship
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A quiz to review introductory concepts about entrepreneurship
Flashcards
40 cards
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Practice quiz
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Host live
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Questions
40
Answers
1
Which of the following is NOT a characteristic of successful entrepreneurs?
Self-demanding
Persistent
Subordinate
Independent
2
Myth or Not Myth: Entrepreneurs need to be young
Myth
Not myth
3
Trait NOT associated with entrepreneurs.
Emotionally aloof
Calm
Focused
Opinionated
4
Willing to work until a job is finished.
Determination
Creative
Independent
Persistent
5
Who asks "What are my goals and what means do I need to reach them?"
Entrepreneur
Employee
Manager
Investor
6
Myth or Not Myth: Success is based primarily on luck, not prediction
Myth
Not myth
7
Small businesses (less than 1,500 employees) make up what % of all U.S. businesses?
76%
89%
38%
99%
8
Motivated by themselves to work at their business goals
Self-confident
Creative
Persistent
Self-demanding
9
An advantage of being an entrepreneur.
Set hours
Risk of failure
Personal liability
Can create own job
10
An advantage of being an employee.
Long commute
Final decision maker
Stable salary
Set your own hours
11
What % of new business survive two years?
100%
44%
50%
67%
12
Trait NOT associated with entrepreneurs.
Energetic
Preference for moderate risk
Passiveness
Flexibility
13
The most essential characteristic of an entrepreneur is ....
risk taker
self-confident
responsible
independent
14
An advantage of being an employee.
Set hours
Risk of failure
Personal liability
Can create own job
15
An advantage of being an entrepreneur.
Personal liability
Set hours
Can create own job
Risk of failure
16
What is NOT an advantage of entrepreneurship?
Choose a business that interests you
Be your own boss
Steady income
Be creative
17
A type of business that benefits the earth.
Agri-business
Wholesaling business
Green business
Service business
18
Myth or Not Myth: Entrepreneurs need a detailed business plan to succeed
Not myth
Myth
19
Meaning of the French word "entreprenedre".
to enterprise
to start a business
to undertake
to entertain
20
An advantage of being an entrepreneur.
Limited knowledge base
Control over compensation
Loss of free time
Fixed income
21
Which of the following is NOT a characteristic of successful entrepreneurs?
Loner
Tenacity
Determination
Passion
22
Disadvantage of being an employee.
No share of profits
Pressure for sales
Specialist in your field
Benefits
23
Success rates for survival of small businesses can be enhanced if a business has ...
location, location, location
a strong partnership and venture capital
adequate capital and enough employees
creative ideas and hard work
24
Distinction between an "entrepreneur" and a "small biz owner".
Risk taking vs. "simply" starting or buying a business
Whether or not the business is online
SBA definitions
No distinction / same.
25
Entrepreneurs are...
People who own, operate, and take the risk of a business
People who work for a business
People who own a business
People who are in charge of the running of a business.
26
True or false, successful entrepreneurs are gamblers.
True
False
27
Myth or Not Myth: Entrepreneurs are born, not made
Not myth
Myth
28
Advantage of being an employee.
Pressure for sales
No share of profits
Specialist in your field
Limited skills
29
What % of new business survive at least four years?
67%
44%
100%
50%
30
Disadvantage of entrepreneurship.
Set hours
No share of profits
Risk of failure
Can create own job
31
Myth or Not Myth: Entrepreneurs should talk to others about their ideas
Myth
Not myth
32
Continually look for new ways to solve problems.
Creative
Independent
Determination
Persistent
33
Able to make own decisions and handle failure.
Passion
Self-confident
Creative
Independent
34
Myth or Not Myth: Entrepreneurs have many ideas
Myth
Not myth
35
Employees are ...
People who are in charge of the running of a business.
People who own, operate, and take the risk of a business
People who own a business
People who work for a business
36
An entrepreneur's "affordable loss" includes _________.
financial, psychological, and social loss
financial and social loss
only financial loss
financial and psychological loss
37
Which of the following is NOT part of the SBA's definition of a small business?
Based locally
Independently managed
Significant influence in its industry
Owned by an individual or small group
38
True or false. Profits of a business are shared with the employees.
True
False
39
True or false, entrepreneurs work long hours especially during startup.
True
False
40
Want to set own schedule and make own decisions.
Persistent
Creative
Independent
Determination
